Most residential property work we do is for our existing clients and it tends to be either higher value, or non-standard. Generally, the market for residential property work is very competitive and price sensitive. If you are not an existing client you may well be contacting multiple firms for a quote. Any property transaction involves a big financial investment and a high degree of risk/ liability, and it is usually carried out under significant time pressure. Given this combination of factors, a good service can only be delivered at a fair price. Our clients understand this and want and need our help. We do not do bulk ‘factory style’ conveyancing. If you are buying for example a new build property, this work is highly commoditised and a firm that does bulk conveyancing will be the usual choice. The same if you are a first-time buyer with help to buy and a mortgage.
Our charges and fees for residential conveyancing when you are buying or selling a property are explained below. The legal fees set out are estimates and they are provided to help you. The figures assume that your transaction will be straightforward. Our Agreed Service for Property Sales and Purchases explains what makes a transaction straightforward and what can make it more complex.
If you are an existing client and your property transaction forms part of a larger matter such as an estate administration when someone has died, or a commercial transaction, the fees for the larger matter including conveyancing fees will be as agreed with your advisor.
When a transaction becomes more complex the legal fees increase. If the fees increase you will be given clear explanatory information and you will be required to agree and authorise additional fees before we incur them. Please contact us to discuss your specific requirements
Our fees for a REGISTERED FREEHOLD SALE OR PURCHASE
|House Price Value
|Our estimated fee ex VAT
|VAT @ 20%
|Total inc Vat at 20%
|up to £500,000
|£500,000 to £1,000,000
|£1,950 to £3,900
|£390 to £780
|£2,340 to £4,680
|£1,000,000 to £2,000,000
|£4,000 to £5,000
|£800 to £1000
|£4,800 to £6,000
|over £2 million
|To be agreed.
Sale Mortgage Admin Fee* – if your sale involves a mortgage, add £350 plus VAT £30, total £420
Additional fees apply:
if you are selling a Leasehold property add £320 plus VAT £64, total £384
if you are selling an UNREGISTERED PROPERTY add £320 plus VAT £64, total £384
Purchase Mortgage Admin Fee* – if your purchase involves a mortgage, add £400 plus VAT £80, total £480
Additional fees apply:
if you are buying a Leasehold property add £500 plus VAT £100, total £600
if you are buying an UNREGISTERED PROPERTY add £500 plus VAT £100, total £600
A large proportion of our property work is not straightforward and it is usual for there to be additional legal fees for extra necessary work. This extra work is explained in ‘Our Agreed Service for Property Sales and Purchases’. This extra work is charged on a time basis with reference to the level of legal advisor acting. Hourly rates range from £320 plus VAT for our most experienced advisors, to £220 plus VAT for our legal assistants. Additional time charges, when they arise, will normally be of between 1 and 3 hours. We would not exceed this additional time without your prior consent.
We will only take on your property work when we are well-placed to help you. All law firms act at any given time for multiple clients with competing timescales. When we are not able to assist because we are fully committed to working for our existing clients we will refer you to another law firm that we regularly work with.
Other Conveyancing Expenses That you Need to Allow for:
In addition to the legal fees described above there will be other expenses that we will pay on your behalf once you have placed us in funds to do so, these expenses are known as ‘disbursements’. Your liability for any third parties’ expenses is all standard and depends on the official or standard fees charged by the organisation providing the information. They should be the same as whichever law firm you instruct.
The main expenses are as follows:
£3 each plus VAT for Official Copies of the Land Register, Official Title Plan, and Official Copy deeds and per Official Search of the Land Register.
£2 plus VAT per name for Official Land Charges Search and/or Land Charges Bankruptcy Search
Approximately £350 inc Vat for pre-contract conveyancing searches (Local, Water & Drainage, Environmental, and Chancel Check) these are dependent on the specific address and this is an estimated average.
£15 plus VAT for a same-day payment of funds, also known as a “CHAPS” or “Telegraphic Transfer” fee at cost.
Stamp Duty Land Tax. The rates of tax applicable are fixed by the government and vary depending on the property and transaction. There is an HMRC SDLT calculator* that you can use to estimate your SDLT liability on your purchase.
Land Registry Fees. These Official Fees are fixed by the government and vary depending on the property and the transaction. There is an HM Land Registry fee calculator* you can use if you are interested:
*Please note that the calculators do require accurate information inputting. The calculators are not provided by us. They will give you an indication but we cannot guarantee their accuracy and we are not responsible for figures produced by them. The actual amount of SDLT/ LTT and or Land Registry Fee will be considered and advised by us once you become our client and we have the necessary detail and background information to enable accurate calculation.
Leasehold “Management Packs” There will also be third-party costs incurred in respect of the leasehold element (if applicable) of your purchase. The management company will charge a fee for providing their management pack, and the freeholders may charge a fee for dealing with notice of the transfer and possibly a separate Deed of Covenant. It is difficult to estimate these fees as they vary greatly, but we will endeavour to find out the cost at the earliest opportunity once you become our client.
Planning permissions, Building Regulations Completion Certificates, and Compliance Certificates (Fensa, Corgi Gas safe NIEIC certificates et cetera) all attract a fee, as do defective title indemnity policies. All these additional requirements, if necessary, are procured at cost from the provider.
Typically, transactions take between 4 to 12 weeks because of: the number of people involved in a transaction; the interaction between buyer and seller, and their practical needs such as the availability of removal companies; the requirements of the buyer’s lender (if any); the need for statutory compliance certificates and planning permissions; and in some cases due to the interaction of related buyers and sellers in a chain of related sales and purchases.
Who will you deal with at McKenzie Law?